Grand Tower in Novena has been sold for S$88.5 million (S$1,376 psf ppr), to 27MR Pte Ltd, a wholly-owned subsidiary of New Century Real Estate.
With a total area of 21,742 sq ft, the freehold development site can potentially accommodate a new high-rise residential property with a maximum allowable gross floor area (GFA) of about 64,310 sq ft, exceeding its permissible plot ratio of 2.8 under the 2008 Master Plan.
It can also be redeveloped into a boutique residential site comprising more than 70 apartments averaging 800 sq ft each, with the breakeven cost between S$1,900 psf and S$2,000 psf.
“Grand Tower which lies in the heart of Novena, is an undiscovered gem given its unobstructed views and close proximity to the MRT station as well as three popular malls,” said Suzie Mok, Senior Director of Investment Sales at Savills Singapore, which brokered the deal.
“Novena is rapidly transforming itself into a distinctive medical hub and popular high-end residential enclave. With the completion of the premier Parkway Novena Hospital next year, capital values in the locale are expected to receive a boost.”
To contact the journalist, you may send your message to editor@propertyguru.com.sg